Unusual 11 Mid-Day Movers 12/09: DRYS, CPE, XCO, EXM Higher; TARG, TRGT, ALOG, PBY Lower

December 9, 2008 12:13 PM EST

Targanta Therapeutics Corporation (Nasdaq: TARG) 49.3% LOWER; announced today that it has received a Complete Response Letter from the U.S. FDA regarding its New Drug Application for oritavancin for the treatment of complicated skin and skin structure infections. The FDA indicated in its letter that they cannot approve the application for oritavancin in its current form and will require Targanta to perform an additional well-controlled clinical study to demonstrate efficacy and safety in order to gain approval.

DryShips (Nasdaq: DRYS) 43.5% HIGHER; continues higher today after rising more than 50% yesterday. We are not hearing any major news that would account for today's double-digit percentage move.

Callon Petroleum Company (NYSE: CPE) 42.4% HIGHER; announced today that after previously being shut-in due to third-party downstream transmission line and processing facility damage caused by Hurricanes Gustav and Ike, production has resumed at most of its significant facilities located in the Gulf of Mexico. The Company expects remaining shelf facilities, which are shut-in, to be online within the next several weeks. This should bring the daily production rate to approximately 38 MMcfe\d which equals the Company's pre-hurricane rate. The Company reaffirms previously issued guidance for the year of a rate of 31-35 MMcfe\d.

Targacept, Inc. (Nasdaq: TRGT) 39.6% LOWER; AZD3480 did not meet the trial's criteria for statistical significance on the primary endpoints, improvement on various cognitive domains measured by the IntegNeuro computerized test battery. AZD3480 was generally well tolerated in the study. AstraZeneca and Targacept do not expect to progress AZD3480 into Phase III studies for CDS.

EXCO Resources, Inc. (NYSE: XCO) 39% HIGHER; today announced the completion of the Oden 30H#6 in DeSoto Parish, Louisiana, its first Haynesville horizontal well completion.

Excel Maritime Carriers (NYSE: EXM) 35.5% HIGHER; see DryShips

Eagle Bulk Shipping (Nasdaq: EGLE) 33.9% HIGHER; see DryShips

Analogic Corporation (NASDAQ: ALOG) 25.8% LOWER; reports Q1 non-GAAP EPS of $0.19, compared to $0.53 in the same quarter last year. Revenue for the quarter was $101.55 million, versus the consensus of $115.15 million.

Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) 25.2% HIGHER; reports Q2 EPS of $0.09, 3 cents better than the analyst estimate of $0.06. Revenue for the quarter was $25.1 million, versus the consensus of $22.50 million. (only 1 analyst covers the stock)

The Pep Boys (NYSE: PBY) 22.3% LOWER; reports a Q3 loss of $0.14, 15 cents worse than estimates. Sales were $464.2 million vs. $490.56 million consensus. Comparable sales decreased 10.4%, including a 10.3% comparable merchandise sales decrease and an 11.0% comparable service revenue decrease.

Strategic Hotels & Resorts (NYSE: BEE) 16% LOWER; have given up nearly all of yesterday's gains on no news.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Unusual 11 Mid-Day Movers

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?